Nisa’s strong results mask 2014 challenges

 
Oliver Smith
Follow Oliver
NISA Retail, the independent shop supplier, saw its turnover jump 10 per cent to £1.6bn during the year to March, with profits rising to £5.3m.

The results, from the group’s companies house filing, disguise the challenging year that Nisa has seen since March.

In July Costcutter changed its supplier from Nisa to Palmer and Harvey, a move that will take some £500m from Nisa’s results next financial year.

While Nisa has replaced some of the shortfall already through a deal with McColl’s and persuading some Costcutter stores to switch, its troubles continued last week with the resignation of both chief executive Neil Turton and operations chief Amanda Jones.

Nisa’s filing also revealed a special dividend of £14 a share, totalling £743,000 for the group’s shareholders.